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Head And Shoulders Reversal

EURJPY TECHS
  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 136.75 High May 12
  • PRICE: 135.20 @ 06:56 BST May 17
  • SUP 1: 132.66 Low May 12 and the bear trigger
  • SUP 2: 132.40 100-dma
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY fell sharply on May 12 and remains vulnerable. The move lower last week marks an extension of the reversal from Apr 21. The cross has breached a number of important support levels, clearing the 50-day EMA, and the Apr 5 low of 134.30. Furthermore, the move lower highlights a head and shoulders reversal pattern. A continuation lower would open 132.40 initially - the 100-dma. Initial resistance is 136.75, May 12 high.

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  • RES 4: 141.06 High Jun 4 2015 and a key resistance
  • RES 3: 140.87 0.50 proj of the Mar 7 - 28 - Apr 5 price swing
  • RES 2: 138.32/140.00 High May 9 / High Apr 21 and the bull trigger
  • RES 1: 136.75 High May 12
  • PRICE: 135.20 @ 06:56 BST May 17
  • SUP 1: 132.66 Low May 12 and the bear trigger
  • SUP 2: 132.40 100-dma
  • SUP 3: 132.20 50% retracement of the Mar 7 - Apr 21 bull phase
  • SUP 4: 131.59 Low Mar 22

EURJPY fell sharply on May 12 and remains vulnerable. The move lower last week marks an extension of the reversal from Apr 21. The cross has breached a number of important support levels, clearing the 50-day EMA, and the Apr 5 low of 134.30. Furthermore, the move lower highlights a head and shoulders reversal pattern. A continuation lower would open 132.40 initially - the 100-dma. Initial resistance is 136.75, May 12 high.